Do you think you may be entitled to a COVID-19 business interruption insurance claim?

Let us help you make a claim

Not sure how much you can claim?

Let our experienced forensic accountants help you to quantify and value your losses from the pandemic when making a business interruption insurance claim.

Following a landmark decision by the Supreme Court, many businesses in England and Wales could be due an insurance payout for loss of income and disruption as a result of the first COVID-19 lockdown.

If you require our assistance making a claim, please contact us.

In most cases, those eligible for a payment under their policy should hear directly from their insurers.

The Financial Conduct Authority is working with insurers to ensure that they now move quickly to pay claims that the judgment says should be paid.

It has also asked affected insurers to contact relevant policyholders as quickly as they can to assess the claim.

If you believe you are eligible for a claim based on the Supreme Court’s ruling but haven’t been contacted you may wish to speak with your insurer at the earliest opportunity.

The ruling says that many factors need to be considered when assessing the value of a claim and the potential loss incurred by a business during the first lockdown.

The amount that each policyholder receives may depend on:

  • Performance before the pandemic
  • Impediments to trade
  • Prevention of access to the insured premises or site
  • Cessation of trading due to COVID-19

We have covered some of these factors in an article, which can be found by clicking here.

Policies typically include clear definitions of how your losses will be calculated. This often differs from one insurance firm to the next, but will likely include:

  • Calculations of gross profits and loss of revenue from the pandemic
  • A total policy value
  • A summary of additional costs that are covered
  • The indemnity period

The impact of the Supreme Court ruling could have a very particular effect on your policy, depending on how it is worded, so it is important to seek advice.

Whether a business can claim or not will depend on the policy it held at the time of the lockdown and how the business was affected by Government advice or restrictions.

In most cases, those eligible to make a claim will be contacted by their insurer. However, if you are not contacted by your insurer and believe yourself to be eligible based on the Supreme Court’s ruling you should speak with your insurer and seek independent advice.

For new claims relating to the latest lockdowns, the insurance industry has said that most policies for new and renewing customers have already been amended and that losses from the latest lockdown measures would be clearly stated as part of the cover.

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